secured credit cards.txt

VCR. Value; contract (security agreement; rights in collateral

over 1k AND consigner did not use the goods for personal family or household purposes AND potentially deceiptive consignee

deals w/ goods of that kind under a name other than the consignee; not an auctioneer; & not generally known by consignees creditors to be substanitally engage in selling consigned goods

lesee cannot terminate the lease AND (a) equal to or greater than the remaining economic life, (b) lesee owns property at end of lease term, (c) lessee has the option to purchase fornominal consideration at the end of the lease term

(a) in possession of the farmer engaged in farming operations & (b) in an unmanufactured condition

money

written or electronic representations of goods - documents of title under art 7

represents goods in storage

represents goods in transit

monetary obligation (like a promissory note) & a security interest

it is proceeds

must rznably describe the property

investment property, nonconsumer deposit accounts, electronic documents, & electronic chattel paper

an after-acquired property clause will only be effective re: consumer goods for those consumer goods that are acquired within 10 days of the security agreement

accounts; deposit accounts; non-negotiable documents; electronic documents; electronic chattel paper; general intangibles

instruments, negotiable documents, certificated securities

deposit accounts, money

names of debtor/creditor; addresses of debtor/creditor; debtor's authorization in an authenticated record; description of the collateral (can be broader/super-generic)

seriously misleading

perfection continues in the collateral that the debtor has at the time of the name change. perfection will also continue for property that is acquired within 4 months of the name change. However, for property acquired after the 4 month period, perfection ends if not refiled under new name within the 4 month period.

5 yrs from the date of the filing

within 6 months of the expriation date

required for consumer goods. must be filed by creditor within 20 days after debtor written demand or w/o demand within 1 month after this is no outstanding secured obligation or commitment to make advance. For NONCONSUMER GOODS, only upon debtors request. creditor must provide the debtor within 20 days of demand.

consumer goods that are not either certificate of title items or fixtures; assignment of accounts; sale of promissory notes

proceeds (autoperfected for 20 days from debtors receipt); new value for instruments, negotiable documents, & certified securities (20 day grace period); delivery fo instrument, noegitable document, or cerfieid security to debtor (20 days again)

will continue for 20 days. BUT there are exceptions

in the same office as the original collateral.

cash proceeds

the creditor might need to take further action to perfect

law of the state where the debtor is located. if individual, look to the principal residence. if registered organization, look to the law of the state where it is organized.

if one creditor has a PMSI in goods (other than inventory or livestock) so long as it is perfected (1) when debtor receives POSSESSION of the collateral or (2) WITHIN 20 DAYS of when the debtor receives possession

in order to have PMSI superpriority in inventory, the creditor must be perfected when the debtor recieves the property and the conflicting SI holders must be given proper notice. Proper notice is authenticated notice to those who have filed, explaining the PMSI status, describing the collateral, all before possession occurs. Good for 5 yrs, just like a regular financing statement.

the buyer gives value; buyer receives delivery; buyer doesn't know about the security interest

although usually a buyer will take subject to a security interest, this is the BIG exception. A buyer in the ordinary course of business will prevail over a secured creditor in certain circumstances. There must be (1) good faith (subjective/objective); (2) no knowledge of security interest VIOLATION; (3) not farm products; (4) ordinary purchase (i.e. from a person in the business selling goods of that kind); (5) security interest must have been created by the seller; (6) creditor not perfected by prior owners of the collateral

a purchaser will prevail if it is consumer goods in both the buyer & sellers hands; buyer has no knowledge of security interest; buyer pays value; creditor not perfected by possession; & creditor's interest is UNFILED

will only work if the secured creditor doesn't have knowledge of the purchase or if 45 days haven't elapsed from the date of the purchase

earlier perfected interests in a negotiable instrument

(1) person furnished services or materials w/r/t the goods covered by security interest; (2) furnishing was in ordinary course of business; (3) collateral is in the possession of the statutory lien holder

construction occurs

it can be removed but some damage to the property will occur as a result

perfected before RE interest recorded; perfect w/ a fixture filing (describing property in the right mortgage office)

can previal if perfected within 20 days of becoming a fixture; competing RE interest is not a construction mortgage